Call made on minister to clarify all details of Sarawak’s investment in Serba Dinamik

See Chee How

KUCHING (May 24):  The Minister for Finance and New Economy has been urged to brief the august House on the details and the quantum of losses suffered by the State Treasury with regard to Sarawak’s investment in Serba Dinamik Holding Bhd.

See Chee How (PSB-Batu Lintang), who made this call yesterday, said the minister should also brief the august House on the details and the quantum of losses incurred by all the respective government-linked corporations (GLCs) as well as the plans to recoup the enormous losses in Sarawak’s public fund.

“The showing of the state’s investment in Serba Dinamik Holding Bhd reflects the enormous tasks that we have at hand. The legal issues and the tussles between related parties aside, the Federal Attorney General had, on 13 May this year, publicised reasons for compounding, instead of prosecuting Serba Dinamik Holdings Bhd and its executives, for the purported offence under Section 369(a)(B) of the Capital Markets and Services Act 2007.

“The Serba Dinamik Integrated Report 2021 shows that, as at Dec 2 last year, the State Financial Secretary Sarawak had 159.5 million shareholdings and 36 million warrant holdings, while Lembaga Kemajuan Bintulu (Bintulu Development Authority) had 21 million shareholdings and six million warrant holdings, in the said Serba Dinamik Holdings Bhd,” he said when debating the motion of appreciation on the Yang di-Pertua Negeri Sarawak’s opening address.

See said the minister should also enlighten the august House whether there were independent due diligence conducted by the Sarawak government, including the various state authorities and corporation before decisions were made to invest in particular companies.

“To better our governance, maybe we should immediately formulate and implement the investment mandates and guidelines to ensure that all our state investments would deliver good returns to Sarawak and all our Sarawakian people.”

See said the august House must act immediately to show its political will and commitment in reforming Sarawak’s state institutions.

“We must start today, to inculcate good governance in our management of our public funds, to be transparent and accountable, to win over the confidence of Sarawakians so that we can assure them of their well-being and that of our future generations, through the setting up of the Sarawak sovereign wealth fund,” he added.

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